History of Accounting

There is no very correct record as to when accounts started. However, but information that is available suggests that record keeping is as old as man. We can link its starting point to the merchants in the Babylonia and Assyrian civilizations, about 4000 years B.C.
The modus operandi for keeping records then was to make marks on the wall or stone or wax tablets. The method of keeping financial records then was highly primitive.
We cannot complete the history of accounting without mentioning the name of an Italian Monk and great Mathematician LUCCA PACIOLO. In 1494, the important event in accounting was the introduction of double entry book keeping system in Italy known as ''Italian Method''. Rev. Father Lucca Paciolo, in his famous and popular treatise ''Summa De. Arithmetical Geometrical Proportion et Proportionalita'', described the system of double entry by giving insight into the reasoning behind accounting records. 

He postulated that all entries must have double entry: one a debtor and the other a creditor. Even though during this period, the records were mainly prepared to show statement for the enterprise rather than the owner, but the annual preparation was still lacking.

After Reverend Father Paciolo, a Hollander/Dutchman advocated the profit and loss account at periodic interval usually yearly. The amount of civilization and advancement in technological helped in the development of civilized or modern strategies/methods of accounting.

During the time of industrial revolution, the need for sophisticated methods of accounting arose. Different professional bodies were established e.g ICA Scotland in 1854, ICA England and Wales 1880, and Association of Public Accountants in USA in 1887. 

With the development of new methods, we could separate ownership of a business from its management. Since the discovery of the principle of double entry, there has been tremendous developments in theories and methods of accounting. 

The introduction of micro and mini computers have brought increased performance but the basic principles remain unchanged.

In Nigeria, record keeping has antecedents within the ancient kingdoms and empire and common then was the periodic contributions that were recorded on the wall. 

However the granting of Royal character to Royal Niger company was the turning point in the history of record keeping. The governing accounting principles in Nigeria was almost the same as the ones in Britain.

In 1965, Institute of Certified Accountants of Nigeria was established and attached with the professional institutes in Britain and USA. Several Nigerians came back from overseas after independence as professional accountants and became members. 
The institute was charged with the responsibilities of regulating the procedures and practice of accounting in Nigeria.

In 1982, Nigeria Accounting Standard Board was born to set standards to guide accounting operations. Members include Central Bank of Nigeria, Ministry of Finance, Nigeria Accounting Teachers Association, Chamber of Commerce etc. 

Now in Nigeria, there are two recognized professional accounting bodies namely; Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN).

Career Opportunities in Accounting
Career will be looking at the time one spends and the progress one makes in a particular job or undertaking.

An accountant is a person who has thorough training, qualified ti examine or keep accounts in an organization . The duty of an accountant is not limited to monetary matters only. It includes the keeping of accurate records of assets and liabilities if an organization.

To train to become an accountant, the best route is to study accounting/accountancy in a university.

After the academic training, a prospective accountant has to belong to a professional body.

Although there are no special hazards in the accounting profession, but the accountant must be an honest and upright person. He must be healthy, ready to work long hours and be mentally alert at all times. 

A natural flair for mathematics and statistics is essential. A qualified accountant do not have to loose sleep on employment opportunities because accountants are regularly required in all commercial and public organizations. The accountant is one of the professionals that can be appointed as a company secretary.

Accounting as a profession could be tasking but it is also rewarding. The vigors of qualifying as an accountants are well compensated for with the dignity and fringe benefits of being an accountant.

SOME PROFESSIONAL BODIES

1. Institute of Chartered Accountants of Scotland.
2. Institute of Chartered Accountants of England and Wales.
3. Institute of Chartered Accountants of Ireland.
4. Association of Chartered Accountants.
5. Institute of Cost and Management Accountants.
6. Chartered Institute of Public Finance and Accountancy.
7. Association of Accounting Technicians.
8. Institute of Chartered Accountants of Nigeria (ICAN).
9. Association of National Accountants of Nigeria (ANAN).